Arizona State Retirement System Sells 19,552 Shares of Truist Financial Corporation $TFC

Arizona State Retirement System decreased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 5.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 362,796 shares of the insurance provider’s stock after selling 19,552 shares during the period. Arizona State Retirement System’s holdings in Truist Financial were worth $17,853,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Alliance Wealth Advisors LLC boosted its holdings in shares of Truist Financial by 1.8% during the 4th quarter. Alliance Wealth Advisors LLC now owns 11,298 shares of the insurance provider’s stock worth $556,000 after buying an additional 205 shares in the last quarter. Private Trust Co. NA grew its position in shares of Truist Financial by 1.2% during the 4th quarter. Private Trust Co. NA now owns 18,778 shares of the insurance provider’s stock worth $924,000 after buying an additional 215 shares during the period. Aspiriant LLC increased its stake in shares of Truist Financial by 2.3% in the 4th quarter. Aspiriant LLC now owns 9,721 shares of the insurance provider’s stock valued at $478,000 after acquiring an additional 219 shares in the last quarter. Aprio Wealth Management LLC increased its stake in shares of Truist Financial by 2.7% in the 3rd quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider’s stock valued at $392,000 after acquiring an additional 226 shares in the last quarter. Finally, Keystone Financial Group Inc. lifted its position in shares of Truist Financial by 1.1% during the 4th quarter. Keystone Financial Group Inc. now owns 21,739 shares of the insurance provider’s stock valued at $1,070,000 after acquiring an additional 227 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the topic of several research analyst reports. Weiss Ratings raised shares of Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, April 17th. Morgan Stanley dropped their price objective on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a report on Monday, April 20th. JPMorgan Chase & Co. cut their price objective on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Evercore restated an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. Finally, Argus boosted their target price on Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Ten investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $55.41.

Insider Activity at Truist Financial

In other news, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the sale, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the sale, the chief accounting officer directly owned 667 shares of the company’s stock, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Stock Down 1.3%

TFC stock opened at $50.75 on Friday. The company has a market cap of $62.98 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 0.88 and a beta of 0.89. Truist Financial Corporation has a fifty-two week low of $37.47 and a fifty-two week high of $56.19. The stock’s 50 day simple moving average is $48.18 and its 200 day simple moving average is $48.04. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping the consensus estimate of $1.00 by $0.09. The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.87 earnings per share. On average, research analysts expect that Truist Financial Corporation will post 4.51 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio is 51.61%.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.